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#517: Should I Raid My Retirement Plan to Buy Real Estate? - Afford Anything
Kimiko is dismayed that the asset allocation books she’s read led her down a path to an underperforming portfolio heavy in ex-US stock investments. Where should she go from here? Julie and her husband dream of owning a vacation rental in the Denver area even though the math doesn’t add up. It seems like everyone around can make it work though. What’s missing? Casey is excited to build his real estate portfolio and purchase his third rental property. He’s also worried that his plan to fund the purchase with his 457 Plan is flawed. What should he do? Former financial
#516: Dr. Brian Klaas: The Secret to Financial Resilience - Afford Anything
Have you ever wondered how small, seemingly insignificant actions can have massive impacts on your financial life? In today's episode, we talk to Dr. Brian Klaas, a Professor at University College London and an affiliate researcher at the University of Oxford. He explains how our decisions can lead to unintended and unanticipated consequences. He describes why resilience is more important than efficiency when it comes to protecting your investments and career from unexpected shocks. You'll learn how to tell the difference between predictable problems and those that are full of uncertainty, giving you a new way to think about your
#515: Q&A: Sell Your Home or Stay Put? - Afford Anything
Jessica and her husband are juggling two home sales and one home purchase within the next two to four years. How do they execute wisely while navigating a tight real estate market? Zerai works two jobs that both offer a pension and retirement plan. Can he take advantage of everything at his disposal or must he make some tough choices? Emily and her husband bought their home a year ago. But a national builder tempts them to sell and upgrade using a 3-2-1 buydown mortgage. Should they do it? Former financial planner Joe Saul-Sehy and I tackle these three questions
#514: Why the Latest Economic Report is a Rorschach Test - Afford Anything
The S&P 500 hit a record high — and the GameStop guy is back, and he now owns 9 million shares of GME, making him the 4th largest shareholder.Interest rates from remain the same, and are expected to hold steady until September. Inflation remains unchanged from last month.Last month we saw a massive explosion of new jobs, at 272,000 — nearly 90,000 more than predicted. But we also saw unemployment tick up, which created mixed signals.Learn the implications of the latest economic news — and how it impacts your wallet — in this month’s economic update.
#513: Bachelorette Star Jason Tartick: The Truth About Financial Infidelity - Afford Anything
Jason Tartick, a former banker and TV star from The Bachelorette, discusses finances in relationships. He describes eight crucial questions about money that every couple should discuss. When a couple is dating, but before they get serious, he says, each person should divulge their debt-to-income ratio. This is your monthly debt payments divided by your gross monthly income. Keeping this ratio below 30-40% is crucial for financial stability. Banks consider this when approving loans. Couples still in the dating stage should also discuss their credit scores. If you're thinking about becoming serious with someone, you need to understand their history
#512: Don't Let One Big Bill Blow Up Your Budget (Here's How) - Afford Anything
An anonymous caller who received a large inheritance feels paralyzed by all the investment philosophies he’s read about. How does he pick a winning strategy he can stick with? Josh is an expectant dad looking to buy a bigger house but doesn’t know how much everything will cost. Should he save more or invest more? Another anonymous caller worries that large expenditures like buying a new car or replacing her home’s roof will blow up her budget in retirement. How does she plan for unexpected expenses? Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.
#510: How to Master the Psychology of Persuasion, with Michael McQueen - Afford Anything
Maybe you’re trying to convince: – Your spouse | to embrace the FIRE movement. – Your teenage kids | to invest some of their summer job money in stocks. – Your neighbor | to sell you their house in a private, off-market deal. – Your boss | to give you more vacation time. – Your client | to pay you more. Today’s episode is about how to change minds, build trust, navigate conversations, and influence and persuade others. We chat with Michael McQueen, a social researcher, strategist, and the author of 10 books. He’s spoken alongside Bill Gates, Apple co-founder
#511: Q&A: "I'm Scared of Running Out of Money in Retirement!" - Afford Anything
Sara is five years from retirement with a paid-off house. But she’s worried that her money will run out before she turns 80. What does she need to do now to protect her future self? Lauren is a personal finance nerd who gets it. But one question perplexes her: When should she choose an ETF over an index mutual fund? What about vice versa? Paula and Joe explain. An anonymous caller plans to sell her house and live a “slow-madic” lifestyle. But she’s on disability and needs to keep her money safe. How should she invest her $500,000 windfall? Former
7 Expensive Mistakes That Beginner Real Estate Investors Make - Afford Anything
You've thought about investing in rental properties ... ... but the fear of making a huge six-figure mistake holds you back? You're not alone. That 'what if I buy a disaster?' feeling is real, especially for beginners. Imagine walking into a casino and putting $100,000 on red. That's how some people view real estate investing – as pure luck. (And let's be honest, those who dive in without learning the ropes probably aren't much luckier!) Successful real estate investing is about strategy, not gambling. By educating yourself and avoiding common pitfalls, you can weather almost any storm. 7 Expensive Mistakes (and How to
How to Buy Real Estate When Everything is Expensive - Afford Anything
I want to speak candidly to anyone who wants to buy a home. You're facing three problems: Home prices are high Interest rates are high Inventory is low None of these are going to get better anytime soon. But there's good news: You can buy a home, as long as you're smart about it. By the end of this email, I'll demonstrate how. First, let's understand the problem. High home prices: From 2020 to 2021, home values nationwide rose 17 percent on average. Prices have risen by around an additional 5 percent every year since. Here's a chart of home prices over the last 12 years:
#509: “I’m Retiring at Age 34 and a Half!” - Afford Anything
Rob wants to retire early, but a real estate investment led to $30,000 of credit card debt. Should he take on more debt to pay it off?An anonymous return caller took Paula’s advice and ran with it, doubling her income within a few years. Should she update her investment strategy now that she’s in a higher tax bracket?Humaira is tired of paying rent with nothing to show for. Can she leverage some benefits by using her credit card to pay the bills?Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.Enjoy!
#508: Stanford Researcher Dr. Mary Murphy on How to Cultivate a Growth Mindset - Afford Anything
Recently I chatted with Stanford researcher Dr. Mary Murphy, a renowned expert in the field of psychological and brain sciences. Dr. Murphy, who is a Professor at Indiana University and conducts research at Stanford University, shared insights into the concepts of fixed mindset and growth mindset. We deep dived into her extensive research on how these mindsets impact motivation, performance, and relationships at work and home. She conducted research alongside legendary psychologist Dr. Carol Dweck, who created the original studies around fixed vs. growth mindset. If you’ve ever read about fixed vs. growth mindset in the past, you’ve undoubtedly heard
#507: How One Ex-Inmate is Building a Better Future - Afford Anything
Suzy is excited to deploy her first corporate bonus but scared to invest everything in a lump sum. Should she stick with what’s worked in the past and just dollar cost-average?Meghan doesn’t understand how stock pricing affects capital appreciation. Is it always better to buy when share prices are low?Robert was recently released from prison and wants to start his life on the right foot. What’s Joe and Paula’s advice for him?Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.Enjoy!
#506: MadFientist: Life is Too Short to Wait for Someday - Afford Anything
Today's guest, Brandon Ganch, also known as the MadFientist, reached Financial Independence (FI) and quit his job as a software developer at 34. But then he faced a vexing question: what should he do with the rest of his life? In this episode, Brandon shares his journey with FI, revealing the gap between the ideal life you envision on spreadsheets and the reality that unfolds. He talks about reaching FI sooner than planned, having more money than anticipated, and the adjustments he had to make to his lifestyle. It's a refreshingly honest look at FI that goes beyond the numbers.
#505: Harvard Dropout Builds Nation’s First Car-Free Utopia, with Ryan Johnson and JD Roth - Afford Anything
Ryan Johnson isn't your average CEO. He's a visionary reimagining city life, one car-free community at a time.In this episode, we chat with Ryan, the co-founder of Culdesac, about building walkable neighborhoods designed for human connection, not just traffic.We'll dive into his experience with Opendoor, his passion for electric bikes (he owns over 60!), and his audacious plan to revolutionize urban living.Buckle up (or maybe don't) for a conversation about the future of cities, the power of community, and why you might not need a car ever again.
#504: The Points Guy: Growing a Side Hustle into a 140-Person Business - Afford Anything
Brian Kelly faced a harsh reality during the Great Recession – $65,000 in income and crushing credit card debt. He started a simple side hustle, a website called The Points Guy, as an attempt to earn a few hundred dollars a month. Fast forward to today: The Points Guy boasts 11 million monthly visitors and a thriving team of 140 employees. In this episode, Brian pulls back the curtain on his incredible journey, transforming a fledgling side hustle into a multimillion-dollar enterprise. He also shares his signature expertise – the art of redeeming airline miles and points – empowering you
#503: Q&A: “My Husband is Not Reliable with Money. Should We Split Finances? - Afford Anything
Lindsay’s husband struggles with a mental disability. She’s worried about the impact on her family’s finances. How does she maintain harmony in her marriage and protect her kids’ future? An anonymous caller is stoked about her young nephew’s interest in saving for retirement. What’s Paula and Joe’s advice for a teenage saver? Following up on a discussion from episode 494, Melanie has exciting news to share about automating ETF investments at Vanguard. Another anonymous caller wants to get personal about Paula’s personal finances. Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode. Enjoy! P.S. Got
Ugh, Interest Rates are Still High - What Are Your Options? (Whether You Own or Rent?) - Afford Anything
The big and bummer news this week: Interest rates remain at a 23-year-high, and they're likely to stay that way for longer than anticipated. The Federal Reserve met earlier this week and, unlike some earlier expectations, decided to hold rates steady. While the Fed typically meets every 6.5 weeks (8 times a year), they're expected to maintain this stance for several upcoming meetings. This shift comes as a surprise. Back in January, analysts and investors predicted a decrease in rates by now. Discussions even centered on whether the drop would happen in Q2 vs. Q3. Nobody is talking about that
The Bull Market: Are We Due for a Reality Check? - Afford Anything
Hi friends, Let's talk about the bull market. We've gotten used to a rising market. Since 2009, the bull run stumbled briefly in March 2020 before powering back up. The past 15 years have been mostly a one-way street for stocks. Are we getting a little too used to the good times? Is there a chance we're fooling ourselves, thinking this can last forever? And the big question: should we be worried about a correction coming around the corner? It's natural to feel nervous after such a long bull run. Markets are cyclical, but that doesn't mean we need to
#501: Live From Brooklyn: Travel More, Work Less - Afford Anything
Feeling stuck in a job you hate, dreaming of exotic adventures? This episode is your escape hatch. Brad Barrett, host of the ChooseFI Podcast, takes the interviewer role in this special episode, recorded LIVE at a comedy club in Brooklyn. Brad interviews me (!!) about how I quit my reporter gig and traveled the world for over 2 YEARS! This episode spills the tea on my transformation from newspaper reporter to world wanderer, and talks about how this podcast (now over 500 episodes!) got started. Feeling inspired? This episode is your travel hack manual for designing your dream life on
#502: Fed Keeps Interest Rates High; Jobs Grow for 40th Consecutive Month - Afford Anything
The Fed met earlier this week and elected to keep interest rates at a 23-year high, in an effort to wrestle inflation closer to its two percent target. Despite this, the April jobs report, which was released today, shows that jobs grew for the 40th consecutive month, and unemployment remains under 4 percent, an historic low, for the 27th straight month. The 12-month inflation rate is 3.5 percent, based on March CPI data. Stocks remain on a tear, but performance is lopsided, with 10 companies driving 85 percent of this years’ gains. We cover this and more in our First
#500: LIVE FROM BROOKLYN: Episode 500 with ChooseFI’s Brad Barrett - Afford Anything
Let's talk about the bull market. We've gotten used to a rising market. Since 2009, the bull run stumbled briefly in March 2020 before powering back up. The past 15 years have been mostly a one-way street for stocks. Are we getting a little too used to the good times? Is there a chance we're fooling ourselves, thinking this can last forever? And the big question: should we be worried about a correction coming around the corner? It's natural to feel nervous after such a long bull run. Markets are cyclical, but that doesn't mean we need to panic. In
#499: Q&A: We Save $5,000 Per Month. Where Should We Invest It? - Afford Anything
Eugene and his wife are retiring with a $10 million net worth and a guaranteed income that exceeds their annual budget. Do they still need things like life insurance and a financial advisor?An anonymous caller’s HOA costs have doubled since she bought her condo. She’s wondering if it’s still a good investment. Should she keep it or sell it?Nandini and her husband save tons every month toward no goal in particular. What should they do with all their extra cash?Former financial planner Joe Saul-Sehy and I tackle these four questions in today’s episode.Enjoy!
#498: Harvard Business Professor Explains Investing in NFT's - Afford Anything
Financial literacy includes understanding NFT's, DeFi, and cryptocurrency. But it's hard to separate education from hype. Harvard Business School's Scott Duke Kominers, a professor in Harvard's Entrepreneurial Management Unit, and a Faculty Affiliate of the Harvard Department of Economics and the Harvard Center of Mathematical Sciences and Applications, joins us alongside Web3 expert Steve Kacizinsky to explain the financial, technological and social significance of NFT's. NFT's, or Non-Fungible Tokens, are a rapidly growing digital asset. Comprehensive financial literacy requires understanding NFT's. While NFT's are emerging opportunity for investment diversification, they are also highly speculative and volatile. NFT's also represent how
#497: Tribute to Dr. Daniel Kahneman, Who Won a Nobel in Economics Even Though He Never Took an Econ Class - Afford Anything
Princeton Professor Daniel Kahneman never took an economics class. But he won the 2002 Nobel Prize in economics, thanks to his advancements in understanding the psychology of money.In today’s episode, we pay homage to the late Dr. Kahneman, who passed away on March 27 at age 90. We also discuss the jobs report, inflation data, the booming stock market, the next Bitcoin halving, Capital One’s acquisition of Discover, and the National Association of Realtors settlement.Enjoy!
Dr. Cal Newport: How to Achieve More by Doing Less - Afford Anything
Welcome back to First Principles, the newsletter from Afford Anything. In 1896, a young Marie Curie, Polish physicist and mathematician, became fascinated by uranium. She was inspired by scientist Henri Becquerel's discovery of radioactivity, which took place that same year. Curie herself coined the term 'radioactivity' to describe the occurrence of radiation caused by atomic decay. Curie focused her research on pitchblende, a mineral rich in uranium. She observed that pitchblende was far more radioactive than pure uranium, leading her to hypothesize the presence of additional radioactive elements in the mineral. She was on the verge of the discovery that
#496: The Pay Cut Price of Freedom - Afford Anything
How much of a pay cut would you take for a lighter workload? Paul, 35, is grappling with that question. Like many of us, Paul says he loves his job, but the hours are demanding. He would love to work less. But he didn’t think the opportunity would come so soon. You see, Paul is a dedicated saver. He’s spent years trying to build financial independence. He’s amassed a net worth of $910,000, with no debt. His ideal early retirement, which would be filled with travel and hobbies, requires more money. Besides, he enjoys his career. That’s why Paul thought
#495: Cal Newport: The Shocking Secret of Productivity - Afford Anything
Marie Curie won the Nobel Prize in Physics in 1903 and the Nobel Prize in Chemistry in 1911. She's famous for her work in radioactivity. Lin-Manual Miranda is a songwriter, producer and director who won the Pulitzer Prize in Drama in 2016, as well as several Tony awards. What do they have in common? They lived a century apart. They innovated in disparate fields. But they shared a similar productivity practice. Both achieved greatness by embracing the practice of slow productivity, says Georgetown computer science professor Cal Newport. Slow productivity is a three-part practice, Newport explains: (1) do fewer things;
#494: My Husband Makes Double My Income, But Saves Nothing! Should I Be Worried? - Afford Anything
Tatyana is about to pay off her house at age 39! What’s next? Her husband, who earns twice as much (and whom she met after she bought the home), has no savings. They want a boat. Should she focus there? Matthew recently ended a relationship that resulted in a real estate buyout with an 8.1 percent interest rate. With rates expected to decline, how long should he wait to refinance the loan? Rachel’s friends know her as the finance gal, but she’s stumped about closed-end funds. What should she know about these investments? Erin and Angelique call in with a
#493: Wall Street Secrets, with Your Rich BFF Vivian Tu - Afford Anything
Do you ever wonder what happens behind closed doors on Wall Street? Vivian Tu, also known as Your Rich BFF, is here to spill the tea. Vivian grew up in a modest immigrant family. After college, she found herself working insane hours on Wall Street after college. While working on Wall Street, Vivian saw some weird things. Once, a coworker stumbled hungover into the office after a trip to Atlantic City, carrying a duffel bag with thousands of dollars in cash inside. Vivian realized that there's a group of high-income and high-net-worth people who handle money in drastically different ways
#492: How Does Side Hustle Income Affect Retirement Contributions? - Afford Anything
Christine’s business is struggling. She needs more income. If she adds a full-time remote job to her plate, how will her retirement and finances change? Rob enjoyed a banner year in 2023. He made over $1 million. But the sting of income tax has him making moves that violate his investment strategy. Is his tax tail wagging the dog? Gena is excited to make the most of business deductions. Can she contribute 100 percent of her wages to a 401k and have the company match that? Christina is tired of living like a pauper in the name of student loan
#491: Why Bitcoin is Back in the News | First Friday - Afford Anything
Welcome, Emma Chamberlain’s fans!! Thanks for joining the Afford Anything community. You can find out how to escape the 9-to-5 grind at affordanything.com/escape Once a month, on the First Friday of the month, we explore the hot economic and money stories that are dominating the headlines. These days, Bitcoin is back in the news. As of Friday morning, March 1st, its price ranged around $62,000, which is pretty darn close to its previous all-time high of $68,700. But why? Crypto was hot in 2020, but it faded from memory in recent years. What’s behind the comeback? And what does that
The Afford Anything Gen Z Beginner's Guide to Money: Part 1 - Afford Anything
Hey Gen Z friends, Welcome to adulting and the world of personal finance! As Generation Z, you have the incredible advantage of time on your side when it comes to investing and reaching financial independence. Leverage your youth as a time of opportunity and learning, thinking boldly about how to create the financial future you want. This two-part guide will give you a crash course on all the money basics you need to know as you start your career and financial independence. So What is Financial Independence? Afford Anything is a movement against the standard advice that you should shackle
The Afford Anything Gen Z Beginner's Guide to Money: Part 2 - Afford Anything
Welcome back, Gen Z friends! In Part 1 of our guide, we covered the topic of financial independence. We covered what it was and what it could look like. Now let's talk about HOW to achieve financial independence . Adopt the Anti-Budget. Does the idea of scrutinizing a line-item budget sound super lame to you? Cool. It sounds lame to me, too. Don’t waste your time with it. Instead, skim your savings off the top and live on the rest. This is called the “anti-budget,” because you’re not detailing the amount you spend on groceries vs. electricity vs. toothpaste. Your
#490: Inside the Mind of a Supercommunicator, with Charles Duhigg - Afford Anything
Great communication will get you a raise. It'll get you promoted. You'll land the corner office. You'll make friends and be the life of the party. You'll land business deals and form lucrative partnerships. Supercommunication is a superpower. But how do we build it? Sometimes, you might walk away from a conversation with the joy of having made a cool new friend. Or you snagged a critical piece of information that you realllllly needed. Or you successfully negotiated an extra $5,000 off your car. On the flip side, sometimes you'll walk away from a conversation, scratching your head and wondering
#489: Ask Paula: What to Do with a Six-Figure Windfall? - Afford Anything
Cara made $100,000 in commissions this year, her biggest bonus ever. What should she do with the money if she wants to retire early? An anonymous caller and his partner have lived in an RV for years. They’re ready to settle. Should they sell most of his investments to purchase raw land and build an off-grid home? Remy and her husband need to come up with $30,000 for IVF treatments. How do they build their family without breaking the family finances in the process? Another anonymous caller is upset that the 401k plan he sold his boss on is charging
#488: Gut Instincts and Big Decisions, with Morgan Housel - Afford Anything
Ever made a flippant, seemingly minor decision that radically changed the course of your life? Morgan Housel has experienced this. At age 17, he made a quick decision that ended up saving his life. Sadly, two of his friends were less fortunate. He shares that story in today's podcast episode, and sheds light on the lessons he's learned from it. Housel says that his lifesaving choice -- and many of our other important decisions -- are snap verdicts, ones that we don’t spend much time thinking about. If pivotal moments are decided in a flash, how do we navigate risk?
#487: Ask Paula: "Should I Put My Dreams on Hold … and Buy a House Instead?" - Afford Anything
Luis’s wife is killing it at her side hustle. The unexpected income has led Luis to YouTube for hacks to capitalize on their surplus. Can a 529 plan double as long-term care savings? Elizabeth is frustrated with the housing market. She’s been saving for years but isn’t anywhere near her goal. Should she give up and spend it on a dream pottery course instead? Steve has a dilemma. He doesn’t borrow money on principle. And his wife doesn’t want to sell their current house until they’ve closed on the next one. How is he going to make this work? Greta
#486: Stocks are Hot. Jobs are Hotter. What’s Next? - Afford Anything
By every definition of the word, we’re in a bull market. The S&P 500 hit record highs for five consecutive days last week, and remained strong throughout this week. The Dow is above 38,000 for the first time in history. Unemployment has stayed below 4 percent for 24 months, marking the strongest jobs market in half a century. And consumer sentiment, which reflects more pessimism than the data warrants, is showing signs of improvement. The Fed met this week and decided to hold rates steady, as expected, but there are hints that they’ll start dropping interest rates within a few
#485: How to Start a Business in One Weekend, with Noah Kagan - Afford Anything
If you’ve ever thought: 'I’d love a business BUT ... 'I don’t have TIME.' 'I don’t have MONEY.' 'I don’t have IDEAS.' 'I have TOO MANY ideas and I don't know where to start.' 'I'm not technical.' 'I'm not creative or artistic.' 'I'm not good at sales.' You're not alone. Countless people don't start businesses or side hustles for these reasons. And they're losing thousands -- perhaps millions -- in opportunity cost. How much could you make if you started a side hustle that eventually scaled into a business? Possibly millions. Today's guest, Noah Kagan, is living proof. Noah was